The Board has also approved a proposal of acquiring an additional plot of land in MIDC, Lote In continuation of disclosure of the Board meeting outcome dated 7th February, approving in-principle an investment to the extent Rs.30.00 Crore, the Board has in today’s meeting deliberated and approved, subject to final approval of NCLT, a proposal for acquisition/takeover of 100% stake in M/s. Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT under the Insolvency & Bankruptcy Code 2016 (IBC). The proposal has already been approved by the Committee of Creditors (COC), as constituted by NCLT, for an offer price of Rs.19.02 crore and the proposal is under final consideration before NCLT. The Unit of MBPL located in MP, has two plant at Jhabua and Deewanganj, has a capacity of manufacture SSP of 1.5 lac MTA and 0.4 Lac MTA respectively and a Plant for a manufacturer of LABSA.
The Board further has approved a proposal of acquiring an additional plot of land in MIDC, Lote Parshuram, Ratnagiri-MH, admeasuring 34,4O8 Sq.Mts. for further expansions. The above both transaction of acquisition of M/s. Madhya Bharat Phosphates Pvt. Ltd, (MBPL) through NCLT and purchase of additional MIDC land will be funded through internal accruals of the Company.